House prices were relatively flat in the capital last month, reflecting a mixed market and lower sales, according to the latest Royal LePage report released Wednesday.
The price of detached bungalows rose 1.3 per cent year-over-year, to $401,667, and standard two-storey homes also saw a modest price increase of 0.8 percent to $402,250. Standard condominium prices fell slightly, down 0.7 per cent to $257,500.
“Hesitant buyers and increased inventory led to a relatively soft housing market by our usual standards, in part due to the lingering effects of a long winter,” John Rogan, broker manager at Royal LePage Performance Realty, said in a release. “Condo prices have softened as there is a significant number of new units making their way onto the market at the same time.”
OBJ360 (Sponsored)
Don’t get left behind: Keep pace with the job market by AI upskilling at uOttawa
uOttawa’s Paula Branco was a math teacher in Portugal for more than a decade before deciding to boost her career by going back to school. “I’m one of those people
Kingston manufacturers winning on the global stage with innovative products
Darrell Searles says Anchor Concrete wants to revolutionize the homebuilding industry—and the Kingston-based company has been doing exactly that through its innovative precast concrete building solutions. “We want to do
Mr. Rogan estimates Ottawa buyers are six weeks behind schedule thanks to the long winter, while sellers are listing at the same time as usual, leading to increased inventory.
Royal LePage forecasts average prices will rise 2.5 per cent in Ottawa for the rest of 2014.
Nationally, the survey found prices across the country were up between 3.9 per cent and 5.2 per cent, but these numbers were driven by increased demand in Toronto, Montreal, Calgary and Vancouver.
The survey found the Ottawa numbers to be relatively consistent with those in the next tier of city-size.
